London, October 15th, 2019 – NextPower III, NextEnergy Capital’s third institutional solar fund, is pleased to announce its second acquisition in the USA.
• Single operating solar power plant with an installed capacity of 102.5MWp, commissioned in September 2018
• Plant located in Cabarrus County, North Carolina
• Long-term power purchase agreement with local utility in place
• NextPower III’s capacity in operation and in pre-construction increases to 148.5MWp
• Solar projects owned by NextEnergy Capital’s managed vehicles amount to 187 individual plants for an installed capacity in excess of 1,000MWp
• Closing of the transaction subject to customary conditions precedent, including regulatory approval and third-party consents
NextPower III’s investment strategy is to acquire solar power plants at the ready-to-build status or in operation across high-growth international markets. The investment team is currently focusing its efforts on building large solar plant portfolios in the USA, Mexico, Southern Europe and India, and expects to announce further transactions during the fourth quarter of 2019. Further regions will be added as NextPower III grows its capital base.
Rohan Singh, Managing Director of NextPower III, commented:
“This is a very attractive operating solar project on the eastern seaboard of the USA and will contribute significantly to creating a large portfolio of operating solar projects in the USA. Beyond this project, NextPower III is negotiating additional acquisitions in the US and further afield.”
Michael Bonte-Friedheim, CEO and Founding Partner of NextEnergy Capital, commented:
“We have sourced this opportunity from a pre-eminent solar industry participant with whom we have had a fruitful long-standing relationship. Our intention is to leverage our presence in the sector and associations with leading solar companies to build a target portfolio for NextPower III of some 2.5GW installed solar capacity.”
For further information:
NextEnergy Capital Limited
+44 (0)20 3746 0700